P NC 10.5: Registration: Reg S Only; Comments: SGD1bn PNC10.5yr fxd-FRN hybrid RegS. A3/BBB. DBS/HSBC(B&D)/OCBC/StCh. 3.3% from 3.6% area. Launch 1bn. TBP today. STEP-UP MARGIN: 25bps from year 10.5; 100bps from year 30.5. 3mPC. Initial rate SOR+165.1, 1st back end SOR+190.1;